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Since 1990 Mirabaud has offered a wide range of services for public and private companies. Its services include equity research, capital markets, corporate advisory as well as institutional brokerage.
Grupo Jorge
Case study
Grupo Jorge
Mirabaud advised Grupo Jorge on its Project Bond issue of €20m for refinancing a solar PV plant in Spain. Mirabaud acted as Structurer and Sole Bookrunner for the transaction.
About Grupo Jorge
- Grupo Jorge is a Spanish based company with more than 80 years of history producing and selling pork meat products worldwide.
- The Group owns several renewable energy plants through its energy division, Jorge Energy, currently with over 70 MW of wind energy and 40 MW of Solar PV projects.
- Desagri is a Solar PV plant which began operation in December 2012. Located in Zaragoza, it has an installed capacity of 9.9MW and a regulatory life of 30 years.
Transaction overview
- Mirabaud was tasked with attracting financiers from institutional investors for the refinancing of the Desagri power plant.
- The objective was ultimately to refinance Desagri’s power plant with new money, allowing shareholders to make a fund distribution to the HoldCo. in order to facilitate the funding of new power projects.
- Grupo Jorge closed the issuance of this first Project Bond for an amount of €20m. The bond was issued for a period of 22 years having a fixed coupon of 3.7%
- Listed in Freiverkehr (the non-regulated Frankfort Stock Exchange market), the transaction was executed with international private investors in a timeframe of just one and a half months.
We are very happy to have assisted Grupo Jorge in refinancing part of its assets through a Project Bond under very good conditions. In addition, generating the ability to benefit from significant cash out through a dividend payment. Project bonds are a very interesting financing tool and thanks to our extensive experience with a broad range of clients, we have a high level of expertise in this area.
Mirabaud contribution and added value
- The way in which Mirabaud structured the transaction allowed Grupo Jorge to refinance Desagri on very attractive terms, taking advantage of the good timing in debt markets
- Project Bonds offer higher flexibility in financing terms and conditions, allowing longer financing periods (>20 years), a higher degree of leverage, recurring generation of cash for shareholders, and a diversified investor base. This, in turn, facilitated the entrance of institutional investors in the capital structure of the Company
- This transaction reinforces Mirabaud’s status as the advisor of choice in the issue of Project Bonds with institutional investors
Key data
Project Bond issue on Frankfort Stock Exchange (Freiverkehr)
| Issuer | Desarrollos Agronómicos Industriales 1, S.L. (Grupo Jorge’s subsidiary) |
| Sector | Energy – Solar PV |
| Market | Frankfort Stock Exchange – Non-regulated Market (Freiverkehr) |
| Transaction type | Project Bond - Brownfield |
| Size | € 20.000.000 |
| Coupon | 3.71% |
| Tenor | 22 years |
| Mirabaud Role | Sole Bookrunner |
Case Study
Case Leader
Corporate finance
Enrique AGUADO
Head of Corporate Finance & Capital Markets